Tax Withholding Growth Moves up in August
Posted on August 31, 2021 Income and payroll taxes withheld from paychecks and remitted to the Treasury Department (what we call “tax withholding” or just “withholding”) moved up in August. Compared to amounts from two years ago, we estimate that withholding was 14.7 percent higher in August, a move up from the growth of 13.1 […]
New Data from the Quarterly Census of Employment and Wages for 2021Q1: Inconclusive
Posted on August 23, 2021 We look closely at the quarterly releases from the Bureau of Labor Statistics (BLS) on wages and salaries for the quarter ending about five months prior, 2021Q1 in this case. The data come from the the Quarterly Census of Employment and Wages (QCEW)–more on where the data come from later. […]
Tax Withholding Continues to Show Strength in the First Half of August
Posted on August 16, 2021 In the first half of August, income and payroll taxes withheld from paychecks have continued to grow at about the same strong rates of recent months. Based on data from the Daily Treasury Statements, we estimate that withholding in the first half of August was about 13.5 percent higher than […]
A Strong BLS Employment Report for July: Of the Different Economywide Wage Measures, Withholding Shows the Most Improvement in Recent Months
Posted on August 6, 2021 The Bureau of Labor Statistics (BLS) released its monthly employment report today, showing strong gains in economywide jobs in July, not surprising to us given the continued strength in tax withholding that we track on a daily basis. Total wage and salary payments as measured by the employment report, which […]
Tax Withholding Remained Strong in July
Posted on August 2, 2021 The amount of federal tax withholding–income and payroll taxes withheld from paychecks and remitted to the Treasury–remained strong in July. Based on daily data released by the Treasury Department, we estimate that tax withholding in July grew by 13.1 percent above amounts from two years ago in July 2019, the […]